Japan loses spot as world’s third-largest economy.
Japan has fallen to fourth place in the global economic rankings, slipping behind Germany in 2023. Despite a 1.9% growth, Japan's nominal GDP in dollar terms was $4.2 trillion, compared to Germany's $4.5 trillion. This shift is largely due to the significant depreciation of the yen against the US dollar, resulting from the Bank of Japan's decision to maintain negative interest rates. Germany's economy, though challenged by rising energy prices and the Russia-Ukraine conflict, is still projected to grow. Meanwhile, India is expected to surpass both Japan and Germany in the coming decade.
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